Filene Institute Develops Web-Based Debt Management Tool

MADISON, Wis. – The Filene Research Institute’s i3 Group has introduced a Web-based debt management tool that helps members take control of their finances and is looking for credit unions to beta test the tool.

Debt in Focus

helps credit union members look at debt-to-income ratios and debt payment schedules, and obtain personal action strategies based on personal history. It is anonymous—users are never asked for name, Social Security number, email address, or other identifiable information. The site collects income and debt information to provide customized action plans, while avoiding financial jargon that might be confusing to users.

Filene is issuing a call for credit unions to implement Debt in Focus and help refine the beta version. Debt in Focus, at www.debtinfocus.org, can be used in its generic form under the heading, "Brought to you by the nation’s credit unions," or it can be co-branded and customized for each credit union’s use. With either application, there is no charge at this time for the beta version while the idea is being further developed in Filene's "innovation lab."

Interested credit unions are invited to learn more at one of two upcoming Webinars: Wednesday, May 27 from 1-2 pm CDT or Thursday, June 11 from 1-2 CDT. Registration is now open at http://filene.org/home/events. To add Debt in Focus to your credit union’s Web site, contact innovation@filene.org.